Bitcoin Bearish Price Action ? Breaks Below $10k Level ?

Dear Traders,

Strong bearish momentum is visible on Bitcoin after it made yet another bearish break below the triangle chart pattern. The downtrend is now below the round level of $10,000 and approaching the zigzag target at $8k. A bearish flag pattern could indicate a likely continuation of the downtrend towards the targets at round $5-5.5k.

Ripple is also continuing with the downtrend and has broken below the 78.6% Fibonacci support level. The next potential bouncing spot is the 88.6% Fibonacci level at around 0.5. Ethereum’s uptrend was unable to continue as the cryptocurrency is being dragged downwards with Bitcoin. If a bearish daily candle holds, then the next bouncing spot is the 61.8% Fib at 600 USD.

Check out the video for the full analysis and trade plans on 2-3 February 2018:

• Technical analysis
• Review of patterns, trends, key S&R levels
• Explanation of potentrial trade ideas both up and down
• Beginner friendly, explaining concepts in more detail

See the video below for all of the details

Good trading,
Chris Svorcik

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